LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global cloud computing market in the government sector predicts a CAGR of more than 13% during the period 2018-2022.
The report segments the global cloud computing market in the government sector by product, including hardware, software, and services and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global cloud computing market in the government sector, according to Technavio ICT researchers:
- Increased cross-functional service: a major market driver
- Increasing demand for internet quality and IoT: emerging market trend
- The Americas dominated the global cloud computing market in the government sector with 43% share in 2017
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Increased cross-functional service: a major market driver
There has been an increase in organizational complication related to IT services, and the reduction of this complexity has become a substantial burden for organizations. To cater to this problem, business and government organizations are implementing cloud computing solutions to achieve organizational flexibility, backup, and data security to improve operational efficiency. Government services are adopting a single platform application system. To provide improved public services, they are cooperating effortlessly through integrated cross-functional systems. The incorporation of cloud helps the government administration to be dynamic, steady, continued, cost-effective, and user-oriented. At the same time, it will remove unnecessary steps and will streamline processes to increase the productivity.
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Increasing demand for internet quality and IoT: emerging market trend
The demand for internet speed and better and faster connections from network providers is increasing as the amount of data generation, and storage is rising worldwide. With the rise in demand, Technavio anticipates a strong movement from gigabyte long-term evolution (LTE) speeds to full 5G networks to reach 5G capabilities in record time.
According to a senior analyst at Technavio for research on enterprise application, “Globally, the demand for big data and analytics is anticipated to rise in the market owing to an increase in the IoT spending. The need for a cloud-based solution has increased due to the rapidly growing Internet usage on handheld devices like smartphones and tablets. Cloud computing helps in storing, mining, and analyzing data, along with enhancing customer experience and reducing costs. The advent of SaaS is also allowing companies and government organizations to implement cloud computing solutions tailored as per their requirements, thereby fueling the demand for cloud computing in businesses and government organizations.”
Global market opportunities
In terms of regional dominance, the Americas led the global cloud computing market in the government sector, followed by EMEA and APAC in 2017. APAC is the fastest growing market and is expected to register a positive growth of nearly 2% by 2022.
In the Americas, countries such as the US, Canada, and Mexico were the highest revenue contributor to the market in 2017. The market is expected to witness a decline during the forecast period due to the early adoption of technologies and early availability of substitute products.
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